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Manufacturing PMI Falls to 49.3 in April, Attention Turns to Friday’s CPI Release

TURKEY
  • Turkey’s manufacturing PMI fell from 50.0 in March to 49.3 in April, data released this morning showed.
  • The 13-week annualized growth rate in individual and corporate credit card spending continues to lose momentum, Ekonomi report. The annualized increase, which fell below 100% for the first time at the end of March, dropped to 83% in the week of April 19.
  • President Recep Tayyip Erdogan will meet with main opposition leader Ozgur Ozel, state-run TRT reports. According to Hurriyet, the pair will discuss the new constitution among other topics.
  • According Anadolu Agency, Finance Minister Simsek arrived in Paris today and will attend the OECD Ministerial Council Meeting and speak in two separate sessions. Looking ahead, CPI data is the key release of the week tomorrow morning (Est: +70.10% Y/Y; Prior: +68.50%).

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